Separately managed accounts, or SMAs, are a way of investing directly in equities while maintaining the benefits of professional investment management. Like a managed fund, an SMA is a portfolio of equities (or other assets) that is managed by a professional investment manager. The key difference however is that an SMA is not a pooled trust in which an investor acquires units. Instead, with an SMA, the client has an absolute entitlement to, and beneficial ownership of, a portfolio of assets that are held in trust on their behalf. The assets held in a client’s portfolio are determined by the model portfolio(s) that they choose.